With most of his palaces nationalised and his executive powers slashed, Nepal King Gyanendra's name and his royal symbols have now been erased from the country's new coins.

In an unprecedented move, the Nepal Rastra Bank released new coins of two rupees denomination on Wednesday without the King's name and royal symbols.

A farmer is shown ploughing a field on the front side of the coin while the image of Mt Everest is embossed on the flip side.

"The coin can be regarded as the new coin of the new Nepal," a central bank official said.

Altogether 100 million units of the coins have been circulated in the market.

Similarly, the central bank has also completed the design of coins of one rupee denomination.

Nepal's map and Mt Everest are depicted on the front side and flip side of the coin respectively.

The new one rupee coins would be circulated in the market in the next few months, the bank official was quoted as saying by the Kantipur online.

Meanwhile, the new currency notes of five hundred denomination -- in which Mt Everest replaces the king's image -- have been already published, the bank said.

The new five hundred rupee notes would be circulated in the market from the upcoming Dashain, the bank official added.

Tightening control over the beleaguered king, the Parliament has empowered itself to abolish the country's 238-year-old monarchy if the royal interferes in the crucial November Constituent Assembly elections to decide the fate of the monarchy.

A top parliamentary panel tasked to nationalise the king's property decided to nationalise 12 palaces and eight jungles owned by the royal family in August.